Lowe Enterprises Investors Sells Motif Seattle on Behalf of Investment Venture
The venture completed a $20 million renovation of the former Red Lion on Fifth Avenue
SEATTLE--(BUSINESS WIRE)--Lowe Enterprises Investors (LEI) has completed the sale of Motif Seattle, by Destination Hotels & Resorts, on behalf of a national hotel investment venture with The Guardian Life Insurance Company of America and a subsidiary of Allstate Insurance Company. The 319-room hotel, formerly known as The Red Lion on 5th Avenue, is located at 1415 5th Avenue, between Pike and Union Streets.
“We continue to seek investment opportunities where we can earn solid returns for our investors by improving the physical condition and/or operations of a hotel.”
“The transaction is the first disposition on behalf of our venture with Guardian and Allstate and earned significant return on the original investment,” said Bradford W. Howe, co-CEO of LEI. “We continue to seek investment opportunities where we can earn solid returns for our investors by improving the physical condition and/or operations of a hotel.”
The venture acquired the property in 2011 and immediately began a $20 million multi-phased renovation, adding 22 guest rooms and increasing meeting space by 50 percent. The hotel recently exited the Red Lion franchise and was rebranded Motif Seattle, making it the largest independent hotel in downtown Seattle. LEI affiliate Destination Hotels & Resorts continues to manage the property.
The LEI-Guardian-Allstate venture targets well-located, full-service hotels that are of a three-star quality or greater and can be repositioned to take advantage of the market’s recovery. LEI seeks quality properties where it can improve performance through capital improvements, new marketing or management.
The venture also owns the Hotel Derek, a 314-room independent boutique hotel in the prominent Galleria area of Houston.
About Lowe Enterprises Investors
Lowe Enterprises Investors (LEI) provides real estate investment management services on behalf of a select list of institutional and high net worth clients and partners through individually managed accounts, commingled fund relationships and targeted investment programs. The firm has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since inception in the late 1980s. LEI has been a leading value-added investor through multiple cycles, employing equity and structured debt in its investment strategies. The firm is based in Los Angeles and is an affiliate of Lowe Enterprises, a national investment, development and management firm. Since inception in 1972, Lowe has acquired, developed or managed more than $21 billion of real estate assets. For more information about LEI, please visit: www.LoweInvestors.com
About The Guardian Life Insurance Company of America
A mutual insurer founded in 1860, The Guardian Life Insurance Company of America (Guardian), New York, N.Y., and its subsidiaries are committed to protecting individuals, business owners and their employees with life, disability income and dental insurance products, and offer funding vehicles for 401(k) plans, annuities and other financial products. Guardian operates one of the largest dental networks in the United States, and protects more than eight million employees and their families at 115,000 companies. The company has approximately 5,000 employees in the United States and a network of over 3,000 financial representatives in more than 80 agencies nationwide. For more information about Guardian, please visit www.GuardianLife.com.
The Allstate Corporation (NYSE: ALL) is the nation’s largest publicly held personal lines insurer, protecting approximately 16 million households from life’s uncertainties through its Allstate, Encompass, Esurance and Answer Financial brand names and Allstate Financial business segment. Allstate is widely known through the slogan “You’re In Good Hands With Allstate®.” The Allstate brand’s network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In 2013, The Allstate Foundation, Allstate, its employees and agency owners gave $29 million to support local communities. Allstate employees and agency owners donated 200,000 hours of service across the country.